SILVERSTONE CALLS A HALT

SILVERSTONE’S owners have activated a break clause to stop staging the British Grand Prix after 2019.

It has been home to the race since 1987 and will stage this year’s F1 showpiece on Sunday.

But the British Racing Drivers’ Club (BRDC), who own the circuit, say they can’t afford the current deal and need to renegotiate.

“We have reached the tipping point,” said BRDC chairman John Grant.

“We sustained losses of £2.8million in 2015 and £4.8m in 2016, and we expect to lose a similar amount this year.

“Our hope is an agreement can still be reached, so we can ensure a sustainable and financially viable future for the British Grand Prix at Silverstone for many years to come.” Silverstone receives no government backing. Formula 1 is owned by US-based Liberty Media. Their spokesman said they “deeply regret” the BRDC decision.

“The week leading up to the British Grand Prix should be a week of great celebration for F1 and Silverstone,” he said.

“We deeply regret Silverstone has chosen instead to use this week to posture and position themselves and invoke a break clause that will take effect in three years’ time.

“Our focus is still to preserve the British Grand Prix.

“We will carry on negotiating with the promoter in good faith and in private to reach a fair and equitable solution.”

Silverstone signed a long-term deal with Bernie Ecclestone in 2009 that guaranteed F1 with a five per cent annual increase in fees. It also had a break clause in 2019.

It has forced Liberty Media into fresh negotiations. They now have two years to thrash out a deal.